David Stockman says (at the Wall St. Journal owned Marketwatch), "
"If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation's public debt ... will soon reach $18 trillion." It screams "out for austerity and sacrifice." But instead, the GOP insists "that the nation's wealthiest taxpayers be spared even a three-percentage-point rate increase."
In the past 40 years Republican ideology has gone from solid principles to hype and slogans. Stockman says: "Republicans used to believe that prosperity depended upon the regular balancing of accounts -- in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses too."
No more. Today there's a "new catechism" that's "little more than money printing and deficit finance, vulgar Keynesianism robed in the ideological vestments of the prosperous classes" making a mockery of GOP ideals. Worse, it has resulted in "serial financial bubbles and Wall Street depredations that have crippled our economy." Yes, GOP ideals backfired, crippling our economy.
Stockman's indictment warns that the Republican party's "new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one:"
read the article here:
http://www.marketwatch.com/story/reagan-insider-gop-destroyed-us-economy...
Comments
Near the beginning of the article it is stated that,
"Yes, Stockman is equally damning of the Democrats' Keynesian policies."
If we're going to have thread about bashing the GOP could we also have a thread related to any articles that Stockman has written about the Democrats along the same lines so they can get their fair share too? Sorry I just hate the whole Republican vs. Democrat paradigm and the obligatory arguements about who is better, worse, more guilty, etc let alone open bashing against only one side.
Kenny - good post. We need to understand that Politicians got us into this mess along with bad policies. What is need is people willing to stand up and do the right thing even in the face of their own party. We need an American Party not Dem or Rep.
Naah, I think it's over or we're waiting for fat lady to sing. I keep saying this was a conspiracy to try to buy out the middle class for pennies on the dollar. The middle class should just salute them with their middle finger.
Well I posted this article a few weeks ago. But apparently its considered okay for the Republicans to block bills which would help small businesses, because its TOO MUCH government meddling.
So in other words, let them all crash. But wait when that happens we can then blame it all on the Dems. who are in power.
I think I agree with capt. Its too late for America. Better start looking for that fat lady...
Glad I bought gold.
Better than gold is a skill that can be leveraged for what you need.
Better than gold is a skill that can be leveraged for what you need.
I can sing, now maybe I should just gain 100 lbs! ;)
Well, austerity programs are being proposed....for the middle class...and the states...including reductions of all services the middle class benefits from.
The fat cats are singing all the way to the bank. No austerity proposed for that level.
The beneficiaries of the meltdown won't be the ones paying for it.
Retired Monk - "Ideology is a disease"
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Why isn't Thom talking about this OpEd? This is made to order! Here's the architect of Reaganomics excoriating the current GOP for fat-catting. I'm very puzzled at his silence on the piece . . .